See you in court.
After failing to reach an agreement with two of the largest investment bank to recover losses from mortgage-backed securities sold to corporate credit unions, the NCUA last week filed civil lawsuits against RBS Securities, a Royal Bank of Scotland unit, and J.P. Morgan Securities. The agency is a total of more than $800 million.
In both suits, the agency alleges that the firms "systematically disregarded the underwriting guidelines stated in the offering documents," and this caused the corporate credit unions to buy residential mortgage-backed securities "destined from inception to perform poorly."
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